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LivingSocial Posts Net Loss Of $650 Million For 2012

livingsocial, gonabit, middle east, daily deals, group buying, dailydealmedia, dailydealmedia.comDaily deal site LivingSocial revealed today that the company posted a net loss of $650 million last year, according to regulatory filings. This was hugely impacted by the declining value of several different companies that were purchased to encourage global expansion.

The Washington D.C. based company saw its revenue stream climb to $536 million last year, more than double than the year prior. However, the company did post a net loss of $499 million in 2011.

The earnings were disclosed in an Securities and Exchange Commission filing for Amazon.com, which owns 29 percent of the firm. As a private company, LivingSocial does not disclose its own financial figures.

Source: Washington Post

Megan Bildner

Megan is currently the Jr. Editor of the Daily Deal Media and Digital MI sites with Mogul Media. Here, she is responsible for the site's content and publication. Along with these tasks, Megan also engages with the DDM & DMI audience through social pages/groups/tweets. When she is not working on the DDM & DMI sites Megan enjoys tweeting, traveling, snowboarding, hiking, and socializing with her friends. She grew up in Michigan's Clarkston and Lake Orion and loves being on the lake, boating, and wake-boarding. You can follow her @MeganBildner or e-mail her at megan@mogulmedia.com
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